Successful late industrializing countries (the rest) all allocated intermediate assets to the same set of mid‐technology industries, and in almost all cases, these industries started as import substitutes. What differed among countries was how vigorously and rapidly exportables were extracted from a sequentially rising number of import substitution sectors. The wide variation among countries in export coefficient—share of exports (manufactured and non‐manufactured) in GDP—depended on structural characteristics (population size and density), investment rates, and price distortions. Even controlling for these variables, however, some countries became overexporters while others remained underexporters. The reasons behind this disparity—rather than its importance for growth—are explored in this chapter, which addresses in particular the trading institutions of the latecomers and the influence of earlier industrializers on them—notably Japan and its Asian emulators, the USA and its South American emulators, and (later) Europe as a role model.
Keywords: Asia, emulation, Europe, exports, import substitution, industrial development, Japan, late industrialization, newly industrialized countries, selective seclusion, South America, trading institutions, USA
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